TVC News Nigeria gives us a report on how domestic refineries need to be built to avoid subsidy.
The ad hoc committee investigating the state of the nation’s refineries has warned that Nigeria cannot continue to spend an average of four trillion Naira on petroleum subsidy. The committee’s report highlights the need for reform in the country’s oil and gas sector, which has been beset by corruption and inefficiency. The subsidy, which is paid to oil companies to keep fuel prices low, has been a drain on government resources for many years. The committee’s report recommends that the subsidy be abolished, and that the money saved be used to invest in the country’s dilapidated infrastructure. The report also recommends that the government increase transparency in the oil and gas sector, and reduce the level of corruption.